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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of provision for income taxes from continuing operations |
Years ended ended December 31, |  | 2023 |  |  | 2022 |
Current federal income tax expense |  | $ | - |  |  | $ | - |
Current state income tax expense |  |  | 2,730 |  |  |  | 1,630 |
Deferred federal and state income benefit |  |  | (1,199,915 | ) |  |  | (5,419,176 | )
Income tax benefit |  | $ | (1,197,185 | ) |  | $ | (5,417,546 | )
Schedule of a reconciliation of the federal statutory rate |
Years ended December 31, |  | 2023 |  |  | 2022 |
Computed expected tax benefit |  | $ | (1,546,925 | ) |  |  | 21.0 | % |  | $ | (5,867,891 | ) |  |  | 21.0 | %
State taxes, net of Federal benefit |  |  | (271,543 | ) |  |  | 3.7 |  |  |  | (190,894 | ) |  |  | 0.7 |
State valuation allowance |  |  | 282,864 |  |  |  | (3.8 | ) |  |  | 198,217 |  |  |  | (0.7 | )
Permanent differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends received deduction |  |  | (74,323 | ) |  |  | 1.0 |  |  |  | (122,331 | ) |  |  | 0.4 |
Non-taxable investment income |  |  | (98,767 | ) |  |  | 1.3 |  |  |  | (95,763 | ) |  |  | 0.3 |
Stock-based compensation |  |  | 62,801 |  |  |  | (0.9 | ) |  |  | 117,700 |  |  |  | (0.4 | )
Sale leaseback transaction |  |  | 315,894 |  |  |  | (4.3 | ) |  |  | 385,634 |  |  |  | (1.4 | )
Other permanent differences |  |  | 96,789 |  |  |  | (1.3 | ) |  |  | 152,601 |  |  |  | (0.5 | )
Prior year tax matters |  |  | 27,460 |  |  |  | (0.4 | ) |  |  | (24,116 | ) |  |  | 0.1 |
Other |  |  | 8,565 |  |  |  | (0.1 | ) |  |  | 29,297 |  |  |  | (0.1 | )
Income tax benefit, as reported |  | $ | (1,197,185 | ) |  |  | 16.3 | % |  | $ | (5,417,546 | ) |  |  | 19.4 | %
Schedule of Deferrred Tax Assets and Liabilities |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 5,283,016 |  |  | $ | 3,828,947 |
Claims reserve discount |  |  | 1,204,334 |  |  |  | 1,238,544 |
Unearned premium |  |  | 2,742,603 |  |  |  | 3,574,840 |
Deferred ceding commission revenue |  |  | 1,986,782 |  |  |  | 2,230,109 |
Net unrealized losses on securities |  |  | 3,357,463 |  |  |  | 4,920,837 |
Other |  |  | 1,153,903 |  |  |  | 503,692 |
Total deferred tax assets |  |  | 15,728,101 |  |  |  | 16,296,969 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,158,538 |  |  |  | 5,002,085 |
Intangibles |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 153,201 |  |  |  | 99,183 |
Total deferred tax liabilities |  |  | 5,176,282 |  |  |  | 5,965,811 |
Net deferred income tax asset |  | $ | 10,551,819 |  |  | $ | 10,331,158 |
Schedule of net operating loss carryovers |
|  | December 31, |  |  | December 31, |  |  |  |
Type of NOL |  | 2023 |  |  | 2022 |  |  | Expiration |
Federal only, NOL from 2023 and 2022 |  | $ | 5,283,016 |  |  | $ | 3,828,947 |  |  | None |
State only (A) |  |  | 2,560,372 |  |  |  | 2,276,595 |  |  | December 2027 - December 2043 |
Valuation allowance |  |  | (2,560,372 | ) |  |  | (2,276,595 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 5,283,016 |  |  | $ | 3,828,947 |  |  |  |
Schedule of changes in net deferred income tax liability to the deferred income tax provision |
Increase in net deferred income tax assets |  | $ | (220,661 | )
Less: Deferred tax expense allocated to other comprehensive income |  |  | 979,254 |
Deferred income tax benefit |  | $ | (1,199,915 | )

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